[IMGCAP(1)]NEW YORK CITY-Citigroup Global Markets Inc. ismarketing a 47-branch sale-leaseback transaction throughlocally-based Newmark Knight Frank. The properties, which comprise157,312 sf, are all in the metro New York area and includelocations in Manhattan, the Bronx, Brooklyn, Queens, Staten Island,Westchester, Suffolk and Nassau counties.

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Kenneth Zakin, senior managing director of NKF, will head thesales team, working in cooperation with Citigroup Global Markets,Citigroup's investment banking division. “The buildings are beingoffered as a package, or as individual properties, or broken upinto several smaller portfolios,” Zakin explains, “and each of themare owned and solely occupied by a long-term net-leased Citibankretail branch.”

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[IMGCAP(2)]Zakin tells GlobeSt.com that there is no asking pricefor the portfolio as the deal will be conducted through a biddingprocess. The initial bids are scheduled to be collected by Oct.9.

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Zakin explains to GlobeSt.com that Citigroup is committed tolong-term occupancy of the locations but does not have the need tocontinue to own them. This is the second suchoffering Citigroup and NKF has brought to the market this year. InJune, the team closed on the sale of a 23-branch, 217,000-sfCitibank portfolio, with properties centered in the New York Citymetro area.

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“This is another very attractive portfolio for investors seekingmultiple assets or 1031 exchange, as the properties are diversifiedby location within the strongest growth market in the US–and fullyoccupied on a long-term basis by Citibank, a company which is ratedAA+ by Standard & Poor's and Aaa by Moody's,” Zakinremarks.

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He goes on to say, “this is an attractive portfolio because ofthe great credit, great locations, long-term leases and stable cashflow with annual increases. In a market that is seeing clear flightto quality, the diversification and credit nature of thesetransactions has made this a very desirable transaction,” henotes.

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“Also, since we are prepared to break up the portfolio intosub-portfolios, it will also be very attractive to 1031 exchangebuyers as we may be able to address their specific financialrequirements.” He notes that as with the first transaction, therewas large response from New York City-based investors, net leasebuyers and 1031 exchange buyers.

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Zakin says that the properties range in size from 2,000 sf to8,000 sf. He also details to GlobeSt.com that there are 20properties in Nassau, eight in Suffolk, three in Queens, four inBrooklyn, three in the Bronx, three in Statin Island, five inWestchester and one in Upper Manhattan.

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Other members of the NKF sales team for the Citibank portfolioare Neil Goldmacher, EVP; Geoffrey Rockhill, senior managingdirector; Randall Liberman, associate, and Justin DiMare,associate. Richard P. O'Day, director in Investment Banking, leadsthe Citigroup Global Markets team.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.